The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, part of the Dubai Department of Economy and Tourism, celebrated a breakthrough year in 2024, delivering significant achievements that solidified Dubai’s reputation as a major hub for entrepreneurial growth. The 2024 results played a crucial role in advancing Emirati entrepreneurship and accelerating the expansion of the SME sector, including business launches. These accomplishments align with the ambitious goals of the Dubai Economic Agenda D33, which aims to double the size of the city’s economy by 2033 and further establish its status as a leading global destination for business and leisure.
Reinforcing support for Emirati entrepreneurship
In the past year, the establishment reinforced its role as a catalyst for economic transformation and a driver of Emirati entrepreneurship through a comprehensive range of services and opportunities. In 2024, the organization facilitated the launch of 3,461 new Emirati businesses, 524 more than the previous year, bringing the total number of supported SMEs to 19,904 since its founding in 2002. Advisory services were provided to 3,075 entrepreneurs who benefited from expert guidance and mentorship, more than doubling the number supported in 2023, and raising the total number of beneficiaries to 53,206 since 2002.
Commitment to community and innovation
In alignment with the UAE’s Year of Community, which aims to unlock the potential of individuals, families, and organizations by developing skills, nurturing talents, and fostering innovation and entrepreneurship, the establishment continues to support home-grown businesses throughout their journey—from ideation to expansion—enabling them to develop their skills, thrive locally, and scale globally.
Training and development initiatives
In its mission to promote operational excellence among startups, the establishment delivered training programs and awareness sessions to 5,498 entrepreneurs in 2024, compared to 1,627 in 2023. This effort further emphasizes its commitment to equipping entrepreneurs with the knowledge necessary for long-term success. Additionally, support for commercial promotion and digital marketing was extended to 531 startups in 2024, an increase from 363 in 2023, boosting the online presence of 3,989 entrepreneurs to date.
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Financial empowerment through the Mohammed Bin Rashid Fund
The Mohammed Bin Rashid Fund for SME, the funding arm of the establishment, remained instrumental in empowering entrepreneurs through financial support, guidance, and consultancy. In 2024, the Fund financed 44 projects, amounting to AED35.17 million, raising the total number of supported projects to 168 and the overall funding value to AED137 million since its inception in 2015. Furthermore, the Hamdan Innovation Incubator supported 66 entrepreneurs in 2024, a significant increase from 29 businesses in 2023, bringing the total number of startups supported to 826 through enhanced market access, expansion, and financial guidance.
Driving a vibrant business environment
Ahmad Al Room Almheiri, acting CEO of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, stated: “Inspired by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we have laid the foundation for sustainable growth through innovative policies and robust support systems. As we continue to advance towards achieving the D33 goals, we remain committed to supporting the growth of the next generation of entrepreneurs across various sectors. By providing financial and technical guidance, we enable businesses to build a strong market presence, including the development and global expansion of Emirati companies.
“Our achievements in 2024 reflect the tangible impact of our comprehensive strategy around supporting SMEs. By actively integrating entrepreneurs and Emirati talent into the SME ecosystem, we are empowering them to scale their operations and drive the city’s economic growth. This reflects our unwavering commitment to fostering a vibrant business environment that benefits both individual enterprises and the broader community. Looking ahead, we will continue focusing on strengthening our collaborations with both the public and private sectors to maintain Dubai’s economic competitiveness and solidify its position as a leading global city for business, investment, and innovation.”
Key 2024 initiatives
Throughout 2024, transformative initiatives amplified reach and impact. In February 2024, the establishment participated in the inaugural Hatta Farming Festival, showcasing entrepreneurs and SMEs from Hatta’s agricultural sector. During the festival, workshops were conducted to introduce support services, inspiring SMEs to turn ideas into viable ventures.
Through the Mohammed Bin Rashid Fund, an initiative was launched to support UAE-based SMEs affected by the rainfall in April 2024. The relief included financial assistance exceeding AED2.5 million, grace periods of up to six months, and deferred loan repayments for eligible Emirati SME owners.
Supporting businesses at major events
The establishment continued to provide businesses with access and prominence at major events, including:
Global Village
The organization maintained its long-standing partnership with Global Village, the region’s leading family destination for culture, shopping, and entertainment. During its 28th edition, which ran until April 2024, 30 kiosks were allocated to Emirati entrepreneurs. Since 2005, this collaboration has supported more than 730 projects.
Expand North Star 2024
The establishment participated in Expand North Star 2024, the ultimate super connector event for global startups and investors, showcasing five of its members across various sectors including artificial intelligence (AI) in tourism, energy Internet of Things (IoT), EdTech, insurance marketplace, and cybersecurity. Additionally, the Hamdan Innovation Incubator sponsored the Emaratipreneur Expo 2024, promoting Emirati entrepreneurs and innovative businesses. It provided a platform for 50 Emirati startups with advanced business ideas to showcase their innovations, connect with investors, and gain market exposure.
Gulfood 2024
The establishment supported 10 Emirati businesses at Gulfood 2024, continuing a decade-long tradition of backing startups in the food and beverage industry. To date, over 120 members have received support during this leading annual food exhibition.
Idea Lab Program 2024
In partnership with Intelak Hub, the Idea Lab program was launched in 2024—an intensive three-week initiative equipping Emirati talent with entrepreneurial skills tailored for the aviation, travel, and tourism sectors. Participants engaged in workshops led by industry experts covering design thinking, market analysis, and business model development.
Emirati Tech Founder Program (E-TFP)
In collaboration with Bedayat Business Incubator, the E-TFP was introduced in 2024 to empower Emirati tech entrepreneurs. This program supported 20 Emirati tech startups in developing sustainable solutions addressing social, environmental, and economic challenges, contributing to the UAE’s net-zero vision and Dubai’s economic diversification goals.
Looking ahead to 2025
Plans for 2025 include expanding training programs, enhancing digital tools, offering e-commerce platforms, and forging new partnerships to elevate Emirati businesses. By strengthening collaborations with stakeholders and leveraging cutting-edge technologies, the establishment is poised to drive even greater impact in 2025 and beyond.
